The Organization of Petroleum Exporting Countries or OPEC Secretariat and the Ministry of Energy UAE have announced the launch of the first phase of the oil & gas big data project, aimed at developing a sophisticated big data tool for analysing data in the oil and gas sector.
There are large amounts of information readily available on various platforms as well as through the media, however, the collected data isn’t used in an optimal manner, feels OPEC. This is mainly due to lack of data ubiquity, centralization and tools that can utilise the data well.
The new platform launched by OPEC and the UAE energy ministry is expected to consist of a set of high standard analytic tools, employing data-driven approaches, optimization and statistical analysis techniques as well as maps, charts, data tables on a user-friendly IT platform. Initially, the facility would be linked to oil market databases whereas future planned expansions of the project will introduce advanced technology, web and text mining, statistical, econometric and optimization methods.
The first phase will be launched at the 3rd GCC Petroleum Media Forum, to be held 19 and 20th April in Abu Dhabi. Phase 2 will be launched at Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) between 13th and 16th November, 2017 where results of Phase 1 will be presented as well.